TEMPO.CO, Jakarta - Bank Indonesia or BI will give a fine of up to Rp300 million for individuals or unlicensed corporations that are carrying foreign banknotes cross-customs with a value of at least or equivalent to Rp1 billion. It is set in the Bank Indonesia Regulation (PBI) No. 20/2/PBI/2018 concerning on the carrying of Foreign Banknotes (UKA) into and outside the Indonesian Customs Area.

“The new regulation is expected to increase the effectiveness of law enforcement against violations of UKA provisions,” said Head of BI Communication Department Agusman, Monday, March 12.

The fines are exempted for the licensed institutions, namely Banks and Non-Bank Money Changers Business (KUPVA) operators who have obtained permits and approvals from BI. In practice, it will be conducted by the Directorate General of Customs and Excise.

The policy is among others Government Regulation (PP) No. 99 of 2016 concerning on the Carrying of Cash and/or Other Payment Instruments Into or Outside the Indonesian Customs Area.

The fines shall also be imposed on the Licensed Agency that is carrying out UKA in excess of UKA agreements by Bank Indonesia of 10 percent of the excess amount of the UKA carried with a maximum fine of Rp300 million.

Meanwhile, the sanctions on violation of Bank Indonesia Regulation will be effective on September 3.

ANTARA